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Bitcoin For Nigerians

I have been trying to dig out a good & funny intro line to start
this article but none seem to be coming at this time. So I'm just gonna
straight to the point.

What is Bitcoin?
Bitcoin is a digital or virtual type of money. Digital in the sense
that, it is not printed like your Naira or Dollar. Virtual in the sense
that, it is not physically felt or produced like other commodities that
can serve as a medium of exchange, store of value and unit of account. I
believe we understand that 'money' is not limited to our fiat
currencies alone. Money can be anything. Anything that can perform the
main functions of money can be used as 'money'. As you can exchange your
1000Naira for a plate of eba and egusi soup. You can also exchange your
iPhone7 for that same plate of food if you want to. Am certain Mama
Kabiratu won't mind. It is satisfying the same desire.

Now, defining bitcoin technically, Bitcoin is a kind of money or
peer-to-peer payment system that is digitally created and handled
through encryption techniques with transactions taking place without any
intermediary. However, transactions are confirmed by network nodes,
documented in a public ledger which is called the blockchain.

I will explain, trying my best not to bore you with the history and
technicalities. I need to keep you reading till the end. That's where I
get to advertise Nigeria's most reliable Bitcoin Wallet Provider - Jostpay.

Bitcoin was released as an open-source software. The system works
without a central repository or single administrator. This led to the
U.S. Treasury categorizing bitcoin as a decentralized virtual currency.
As I mentioned, bitcoin is not printed, it is generated. It generated by
what is called Bitcoin mining. Bitcoins are generated as a reward for
payment processing work in which bitcoin miners offer their computing
power to verify and record payments into a public ledger which is called
the blockchain. The block chain serves to confirm transactions to the
rest of the network as having taken place.

However, you don't have to be a miner before you can own bitcoins.
Bitcoins can be exchanged with your fiat currency (Nigerian Naira, West
African CFA franc, USD, Pounds, etc) in an exchange. Just like you
exchange your local currency for Dollars or Euros when/if you wanna
travel or spend over the internet. We run a digital currency exchange
platform - InstantExchangers

Now understand that bitcoin is not controlled by any government or
central bank. It is not controlled by anyone. So what makes it money?
What makes it acceptable?

Like I initially mentioned, money can be anything. As long as this
'anything' can function as a medium of exchange, store of value and unit
of account. Understand that value is what is being exchanged not
‘money’. Whatever is accepted by someone as a thing of value can be used
as money. The reason Microsoft, TigerDirect, WordPress, Dell, Tesla,
and many more accepts bitcoin is because they see value in it. Click to read more about this.

Now, you are about to ask, why should I exchange my money with
bitcoin when both can do the same things? I'll give you some reasons
why.

-Transactions is super fast and cheap. Bitcoin transaction charge is not more than 0 - 2%.
-You can send Bitcoins from anywhere to anywhere. You will be
sending it directly to the receiver, through what is called a Bitcoin
Wallet.
-No paperwork or Id card needed to send or receive. Straightforward.
-Bitcoin has an appreciating value in case you're a speculator. As
at now, 1 Bitcoin equals 632 USD.
But understand, it functions like your
money, it can be up and it can go down.

So just like you need a wallet and a bank to keep and control your
valuables, you'll need a Bitcoin wallet provider to help you manage your
Bitcoins. That is send/receive bitcoins and exchange bitcoins to cash
in banks. Jostpay
is Nigeria's first and most reliable Bitcoin Wallet Provider. With over
six years experience in the digital currency market space.

You can friend us social media for more information or you could reach out to me via LinkedIn.

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Henceforth, all funds transferred into your Jostpay Cryptocurrency Wallet will be moved and secured in your offline wallet after the 1st confirmation. You can withdraw from your offline wallet to bank, send Bitcoin, Litecoin or BitcoinCash and also trade on the marketplace.

Also, be informed that JostPay API has been modified, you can receive Bitcoin, Litecoin or BitcoinCash using our POP UP API seamlessly on your website.